Dow down 512 points today and over 1200 in the last 10 days

People's retirement accounts have dropped about 10% in the last 10 days, and almost 5% since the debt limit deal was reached. So is our market heading towards 10,000 or lower again?

I was just about to post that. Grrr...... Keep in mind fall is the worst quarter for the market. If you look at most crashes in our past they were in October. Corrections happen Sept. and October.

Glad I stayed in boring cash.

I believe the bad economic numbers of the last 6 mo. are finally being recognized.

Double Dip here we come.

Gold keeps heading to the moon too, not a good sign.

I have to say you can just feel the worry. I have seen some better than expected earnings here that I thought might help. I always get nervous in the fall. Especially if the market has just risen. Plus, the white house came out yesterday when it was dropping that they don't believe there is a problem. People are not stupid. That was to allay fears. They are worried, they should have waited on that statement. I can't find that statement they put out yesterday.

The problems in Europe's Banks are getting worse and have been out of the news mostly. Italy Spain. They still have no solution, and cannot print money the way we do. <!-- l --><a class="postlink-local" href=" 285bound.com/Forums/viewtopic.php?f=6&t=12492 " onclick="window.open(this.href);return false;">viewtopic.php?f=6&t=12492<!-- l -->

Hold on to your hats!

Joe wrote: Glad I stayed in boring cash.

I believe the bad economic numbers of the last 6 mo. are finally being recognized.

Double Dip here we come.

Gold keeps heading to the moon too, not a good sign.

Agreed. And they came out with a couple reports saying that only 18% of companies are planning on hiring and the number of companies planning layoffs are the highest in a long time and they are expecting a lot of layoffs in August.

We will see what the jobs report says tomorrow. Last month only created 18,000 jobs and 32,000 were created by Rick Perry in Texas so without him, we would have lost 14,000 jobs. And this month they are planning on a gain of about only 85,000 jobs. We need at least 120,000 and closer to 200,000 just to keep our unemployment number stedy. SO we are gong backwards fast.

http://www.allheadlinenews.com/articles ... nth%20high

It is all about our terrible economy now why people are laying off.


Monday saw HSBC, an international banking firm announcing job cuts (it is the most recent big company to do so), pruning a shocking 30,000 workers from its global workforce

Another announcement related to reduction in workforce which was made just last Friday, was by Merck wherein it decided to shave 13000 employees out of a total of 91000 by the year 2015. Borders, an unsuccessful book seller, is planning to let go of another 10, 700 of its workers simultaneously closing down all its retail stores

No doubt every company reducing employees might have a separate story, according to Challenger; the fact that the layoffs are spread across such a large number of industries is definitely a decisive sign for the economy and this is the cause of Worry for the Markets as the US Economy Slips

http://www.forexdice.com/corporate-layo ... ps/653772/

According a report issued Wednesday by the consulting group Challenger, Gray & Christmas, employers were planning to cut 66,414 jobs as of July, which is a 16-month high and an increase of over 60% from the firm's reported June figure of 41,432 projected layoffs. Also, compared to last year's 41,676 reported planned July jobs reductions, the current July figure accounts for an increase of over 59%.

The latest numbers show the pharmaceutical sector accounting for over 20% of total job reductions, and retail sector layoffs accounting for almost 17%. Four companies alone, namely Merck & Co., Borders, Cisco Systems, Lockheed Martin and Boston Scientific, were responsible for 57 percent of the July total.

While this most recent report is the first time in seven month that government and nonprofit layoffs have not claimed the largest slice of the whole, those two sectors still account for the largest share of planned layoffs in the first seven months of this year.

The 312,220 total job cuts announced so far in 2011, however, is 8% fewer than the same first seven months of 2011.

The U.S. government's key jobs report is slated for Friday, and the economy is expected to have gained 85,000 jobs, which would not be sufficient to lower the current unemployment rate of 9.2%.


http://www.benzinga.com/pressreleases/1 ... ks-records

I was just about ready to get back in but this is holding me back a bit. Maybe I will do a little dollar cost averaging and ride the market down hoping for a dead cat bounce.

One of my big winners last year? Coal! It is one of the few things the US exports to China. China is buying commodities.

The Viking wrote: We will see what the jobs report says tomorrow. Last month only created 18,000 jobs and 32,000 were created by Rick Perry in Texas so without him, we would have lost 14,000 jobs. And this month they are planning on a gain of about only 85,000 jobs. We need at least 120,000 and closer to 200,000 just to keep our unemployment number stedy. SO we are gong backwards fast.

http://www.allheadlinenews.com/articles ... nth%20high

And yet....unemployment in Texas rose ....

Texas Hiring Improves With 32,000 Jobs In June

Posted on Tuesday July, 26 2011 | Job Creation | 0 Comments
Texas’ job creation got back on track in June as employers added 32,000 jobs, outpacing every other state and showing strength after sluggish May payroll increases.
Economists say the state’s energy sector is the main driver, but the state also made notable — if surprising and perhaps temporary — gains in the government sector.
Despite the gains, the state jobless rate climbed to 8.2 percent, up from 8.0 percent in May, the Texas Workforce Commission said Friday.

I guess Ol' Rick doesn't have all the answers......